Poznyakizhilstroy Corporation & Emerald Palace group confirm development milestones for four Kempinski Hotel & Residences projects
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Poznyakizhilstroy Corporation & Emerald Palace group confirm development milestones for four Kempinski Hotel & Residences projects
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Category: Worldwide - Industry economy
- Hotel projects
This is a press release selected by our editorial committee and published online for free on 2009-03-11
•Kempinski Palm Residence on schedule for 2009 delivery of first phase
•Kempinksi Business Bay and Kempinski Palm Jebel Ali to start construction in 2009
•Kempinksi Plaza Kiev designs completed
Poznyakizhilstroy Corporation, the number one real estate developer behind hotel, residential and mixed use projects in Eastern Europe and Dubai, today announced a series of important milestones for its four Kempinski hotel development projects.
Poznyakizhilstroy, Ukraine’s leading real estate development and investment company, made a series of progress announcements regarding the prestigious projects during its first appearance this week at the MIPIM real estate exhibition in Cannes (10th -13th March) and the Ukraine Investment Summit in London (9th – 12th March). The company operates in Dubai as Emerald Palace Group, which owns and develops its projects in the UAE.
The Kempinski Palm Residence and Hotel, on Palm Jumeirah in Dubai, is currently under construction and the company confirmed it is on track for completion of the Residences by the end of 2009 and of the Hotel during 2010.
The Residences have been one of the most successful projects in the UAE, with the some of the highest prices achieved for property on The Palm Jumeirah. The 202 properties sold to date included 190 apartments sold at an average price of US$ 2.3 million, with penthouse apartments selling for an average of US$ 6 million and the grand villas reaching an average of US$ 10 million.
The Emerald Palace Corporation confirmed that despite the global financial situation, no Residences buyers have cancelled and all buyers have paid all instalments.
The company also said that its other two projects in Dubai, the Kempinski Business Bay and the Kempinski Jebel Ali, will start construction during, early 2010, as planned.
Poznyakizhilstroy also announced that the designs have been completed for its new Kempinski Plaza Kiev development, and this will be complete in time for the 2012 UEFA European Championships.
Artur Mkhitaryan, President of Poznyakizhilstroy Corporation, said:
“As the leading private developers in Ukraine, with strong cash reserves and no gearing, we have been well-placed to insulate our projects from the effects of the global liquidity crisis and are in a very strong position to conclude our projects.
“That means we are able to press ahead in 2009, at a time when many developers are slowing work on their major projects. I think this will see us strongly positioned in 2010 and beyond, as the market picks up again.
“A key factor in pushing ahead has been our exclusive agreements with Kempinski Hotels, to develop these four projects. The Kempinski brand is incredibly strong and will be a real attraction on the Palm Islands, on Business Bay and in Kiev.
“Having completed and handed over more than 1 million sq.m., our company provides for a fully integrated development cycle - from land purchase, market assessment, feasibility study, project management, construction and sales, and various services, including financial support from our own construction and development bank.”
Poznyakizhilstroy Corporation is the leader in Eastern Europe - and in Dubai through its subsidiary Emerald Palace Corporation - in the development of premier integrated mixed-use hotels, residential, retail and commercial properties. It has a diversified property portfolio, with investments ranging from land holdings through to specific projects and equity investments.
The Corporation is the leading real estate development and investment vehicle in Ukraine, with more than 10,000 apartments and more than 1,000,000 square meters of property sold and constructed.
Business units with the Corporation include real estate companies, sales and marketing companies, construction companies, a facilities management operation, an insurance company and a bank, allowing Poznyakizhilstroy to offer turnkey solutions around its developments.
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